Policymakers across Europe are considering plans for exiting stimulus efforts, but the European Central Bank needs them to develop a plan and then carry it out when economic growth takes hold. Failure to do so might spur debt and inflation, forcing the ECB to quickly raise interest rates, economists said. "Deficit spending and tight money mean much higher interest rates," said Barry Eichengreen, a professor at the University of California, Berkeley. "That's a very unfriendly investment mix."

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